Reach Light Buyers - 1/ Principle

Summary

In this video, the speaker shares insights on how to reach light buyers—those who purchase infrequently or not at all. The key message is that high reach doesn’t always equate to high costs. By using the right content, strategy, and message, businesses can achieve broad outreach without overspending. The speaker emphasizes that big reach can be achieved without wasting money, as long as the approach is strategic and financial benchmarks are clear. Ultimately, businesses should focus on maximizing returns while staying within their budget.

Takeaways

• 😀 High reach doesn't always mean high cost. Effective strategies can reduce costs while still achieving a wide audience.
• 😀 Using the right content, message, and strategy can lower costs for reaching a larger audience.
• 😀 A large ad budget isn't always necessary for big reach. It's about the efficiency of the strategy used.
• 😀 High reach doesn't equate to losing money, but rather requires careful management and strategy to avoid losses.
• 😀 Running ads without strategy and proper planning can lead to financial losses, which is a 'suicide strategy.'
• 😀 It's important to make sure that money spent on ads is yielding returns, not just spending for the sake of it.
• 😀 High reach can still be effective and profitable if aligned with clear financial benchmarks and strategies.
• 😀 BFA focuses on reaching light buyers, people who may not engage with the brand regularly, or only occasionally.
• 😀 The BFA system avoids using targeted CRM methods, aiming instead to reach as many people as possible efficiently.
• 😀 Branding is not just a marketing buzzword, it includes all parts of the business, from operations to customer service, and impacts the entire business cycle.
• 😀 A business can operate effectively by focusing on the right strategies and not merely on increasing reach or spending money unnecessarily.

Q & A

What is the main focus of the webinar mentioned in the script?

The main focus of the webinar is on the acquisition process of light buyers, specifically targeting those who buy products infrequently or have not bought from the brand before, referred to as non-brand buyers in BFA.

What are light buyers, and how are they defined in BFA?

Light buyers are individuals who engage with the brand infrequently, potentially buying only once or very rarely. In BFA, these individuals are classified as non-brand buyers because they may have never interacted with the brand before or have done so only occasionally.

What is the key principle regarding reach and cost discussed in the script?

The key principle is that a large reach doesn't always equate to high costs. It’s possible to reach a broad audience with relatively lower costs if the right content, message, and strategy are used effectively.

How can businesses achieve high reach with lower costs?

By using the right content, targeting the right message, and implementing a smart strategy, businesses can achieve high reach at a relatively lower cost. The effectiveness of the strategy is more important than the sheer amount of money spent.

Does high reach always result in losing money?

No, high reach does not always result in losing money. If the right strategy is applied and the ad campaigns are financially efficient, the increased reach can lead to profitable outcomes rather than losses.

What does the speaker mean by a 'suicide strategy' in advertising?

A 'suicide strategy' refers to a careless approach where a business spends money on ads without a clear strategy, resulting in losses. It’s a reckless approach that can harm the business rather than help it.

How should a business approach financial benchmarks when increasing reach?

A business should ensure that as it increases its reach, it continues to run with clear financial benchmarks, ensuring that the investments made in ads or campaigns are justified by returns and align with the overall business objectives.

What is the relationship between strategy and cost when it comes to reach?

The right strategy helps keep costs relatively lower while still achieving a broad reach. Without a proper strategy, businesses might end up spending more money for the same reach, making the cost higher without a proportional return.

Why is branding discussed in the context of this webinar?

Branding is mentioned to clarify that it’s not just about large-scale marketing or superficial brand presence. Branding, in this context, includes a comprehensive approach from upstream to downstream, involving operations, marketing, and customer engagement, ensuring the business is effectively positioned in the market.

What does the speaker mean by the term 'branding' in the webinar?

In the webinar, branding is defined as a holistic approach to doing business, which includes aspects like operations, marketing, and customer service. It’s not just about marketing but ensuring the entire business aligns with the brand’s identity and values.